CURRENT ACCOUNT AND PAYMENT IN CNY (CHINESE YAUN)
Komerční Banka is the first bank in the Czech Republic which has successfully
added the Chinese Yuan, also known as renminbi, to the KB exchange rate list.
We are also offering the possibility of opening a current account in this currency.
Why is it interesting to consider payments in CNY?
The Chinese economy became the world´s second largest economy.
China has joined the ranks of the top five trading partners for the Czech
Republic.
The Chinese yuan became the third most traded currency in the foreign trade
with China.
The Chinese government has already launched a programme towards full
convertibility of the currency.
In the long run, Chinese currency will be one of the three global foreign
exchange currencies alongside the euro and the US dollar.
Current Account in CNY
BENEFITS
Cost saving for the conversion - if the contract is entered in CNY, the cost for
the conversion will save both parties.
Discounts for trade in CNY – if the contract is concluded in CNY, Chinese
partners offer attractive discounts.
OPENING ACCOUNT
For the opening is necessary to have a current account with KB in CZK.
The account can be operated in applications of electronic banking as well as the
account in another foreign currency.
Cashless payments in CNY
Payments are now, since the introduction of the Chinese currency exchange
rate list in KB, possible be realized not only on paper, but also through
electronic banking. This mode makes payments cheaper, faster and easier to
input.
The Chinese yuan (CNY) is not a fully convertible currency, so the processing of
payment transactions in CNY subjects to a special regimen.
Special conditions for payments abroad in CNY
Payee can only be a legal entity established in China and authorized to receive
and/or transmit payments in CNY – so called Mainland Designated Enterprises
(MDE).
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If you need to send a payment to an individual, it is necessary to verify
whether the person is authorized by thein Chinese bank to receive payments in
CNY from abroad. If they are not, we recommend you send payment in another
convertible currency.
It is required to send payments from the account in CNY within 3 months after
the purchase of CNY funds.
If you have any questions, please contact your bank advisor or call the free KB
Infoline 800 521 521.
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PAYMENTS IS ROUBLES TO RUSSIA
The following must be entered into the payment instructions on the form:
INN: tax administration registration number (10-12 digits)
KPP: special code for tax administration, relating to the “reason for
registration” (9 digits)
BIK: national numerical identification code for the bank (9 digits)
ACC: number of the correspondence account (20 digits)
VO code: Russian payment title (5 digits)
Reason for payment: precise description of the reason for the payment; what
the payer is paying the beneficiary for etc.
VAT: info on whether the payment includes VAT
fill in the form in English
you can gain the required information from your foreign partner (beneficiary of
the payment), or beneficiary’s bank
an example of entry of data into the form can be found in the section “Related
information for foreign payments”
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a) EXAMPLE of filling in the payment order in RUB to Russia in the Profibank
application
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b) EXAMPLE of filling in the payment order in RUB to Russia in the MojeBanka
Business application
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c) EXAMPLE of filling in the payment order in RUB to Russia in the MojeBanka
application
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